How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
THANKS IN ADVANCE
chmlengr
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
We lowered our bid by $10K after the home inspection. Thankfully nothing in that report though has been a problem for us. It was a lot of precautionary items we were able to negotiate with.
Fran M
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
Start with establishing a reasonable price range. Your realtor may be able to provide you with some recent comps. Check Newsday for recent sale prices. The trick to this is getting as close a match to the house you are negotiating for. Using this information you can get a good idea of high and low sale prices.
Next consider the current condition of the house. If its a 50 year old house in its original state you would start at the low end. If it has been totally renovated you are at the high end. If renovations are a must to make the house liveable factor that in.
Try to do this and come to an agreement on price before bringing in an inspector. After the inspection you can go back and renogotiate if anything negative came up.
Good Luck
Kelly9904
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
We really didnt negotiate down much. We are paying just a few grand under asking price but our reasoning was that after 6 months of looking we noticed that good houses go fast! And we didnt want to get out bid or have our bid rejected we just wanted this house! The house had everything and then some, so we feel its worth the price. We saw it on a tuesday night and our bid was accepted by wednesday night, we didnt want it to go to a weekend showing, we knew all to well that would mean a full price bid in a matter of hours! We saw a house one weekend in the same area for 5K more than our house and was in much worse shape, needed new kitchen, alot of cosmetic work, and that house sold in one saturday for asking price! Our house has a new kitchen, 2 new baths, all it needs is paint and us!
Anyway, it completely depends on teh house and how the market is. IMO anything good under 350K usually goes within a week so that does limit your bargining power.
Teri
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
I was under the impression that in most cases, the offering price won't change after the inspection, unless the report comes back really awful.
That's what makes it so hard - you have to estimate the price before you really know what you're dealing with.....
If the house needs more work than you thought, would the seller really agree to taking $10K less off the agreed price? I would think not - then you'd have to decide if it's worth it or know when to walk away, right?
Niecey
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
Totally agree with all of the info that FranM suggested to you.
You also have to look at what you can afford and what this house is worth to you. I feel going in with this attitutde really helsp. Personally, DH and I felt the asking price for my house was way overpriced. Unfortunately, our realtor was not very helpful with comparables saying nothing comparable to this house was sold in the last 6-12 months. So we did our research using domainia and my nassauproperty websites and we asked a lot of questions about the age of things like the roof and windows and such. The realtor also told us what she felt was the least they would accept (our sellers were anxious to move.) DH and I came up with a max price we felt we would pay for the house. It was a really, really tough decision. We went in even lower than that - figuring we would move into negotiations. We did and came up about at our max price. Our realtor tried to play it that she was cutting into her commission and such but we didn't care because we knew what we wanted to pay and figured if it was meant to be it would happen.
Teri - After excepting our final offer - the seller said they would not adjust if anything came out of the inspection. A few things came out in the inspection (mostly minor items - well one major thing with a CO) and the owner did take care of them. But there was no price change. I do know from friends that sometimes they did do some negotiating on the selling price or split the cost of repairs that were unexpected - just to get the deal done. Not sure how often this occurs.
Becky
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
I asked our seller to lower her price by 5k the day that we looked at the house and she agreed to that. I just told her that we were preapproved for 180k, but that we really wanted to keep it lower than that and she agreed to knock her price down by 5k. Of course, she was seven months preggo and really wanted to sell before she got too close to her due date and was eager to sell it quickly. We were the first people to look at and, based on a hand shake, she took her sign down and told anyone that called that the house was sold. We just walked into a good deal.
I have heard that some people will lower their price if you offer to give them a higher downpayment in cash before settlement. If you want to put 30k down, and you have the funds available, you can offer to give 15k to he seller before settlement. Some people are looking to buy a house and put $$ down on that one and are more than happy to lower the price to get their hands on more $$ right away. It ends up being the same downpayment for you either way.
Teri
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
Posted by Niecey
We did and came up about at our max price. Our realtor tried to play it that she was cutting into her commission and such but we didn't care because we knew what we wanted to pay and figured if it was meant to be it would happen.
That is so annoying! I hate RE agents that try and get you like that So many agents I've met have made comments like that to us, like 'oh, they won't go under XX' and I know it's either a lie or an exagerration!
It is important to stick to your guns about what the max is you can afford and not budge when it comes down to it.....we told our agent the max price we'd be willing to pay (give or take) and go figure, EVERY house we've seen has been that price! Not one lower....surely there's more on the market but you wouldn't know it from some agents
Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
I agree...sticking with your price is the best way...you may lose it though...you have to be prepared...
we didn't negotiate the price where we are buying - b/c we knew it was a great deal (appraised for $67K more) but we did stand strong on the conditions...protecting our rights
LIPrincess00
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
We had ours lower the price by $5000.00. I just wasnt going to pay asking but knew I was getting a great deal so I didnt push it.
lilmrs
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
We were able to get them to come down $15K. Our first offer was 30k less then their asking price and we went through about 3 or 4 rounds of negotation. Finally we said, we are really sorry we just can't go above x and if it means we don't have a deal then we're sorry. The came back and said sold and through actually through with two extra things (all new flooring for every room of the house, they paid half of our closing costs)l
curly2003
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
Uuuugggghh, We actually paid 20K OVER teh asking price. It was a bidding nightmare.
Laura
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
We bid 20K below they met us at 10K below
but then after inspection they were BEYOND generous and put another 4K into the house and we got 6K back from them
so in the end we got the house for 20K below asking--
This was also in 2001 in the beginning of the craziness---
spel
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
the day we put in our bid (for $500 over asking price) another bid was put in as well. we figured the other bid would be for the asking price, which is why we bid a tiny bit over. we were right, and they accepted our bid without a bidding war (anxious to sell & move quickly). the home inspection revealed some unexpected problems, but they would not negotiate the price or the repairs. they could easily get another buyer. take it or leave it. we took it.
the sellers did pay for a septic system upon the sale of the house. that was huge for us!
Kathy116
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
THe moment we drove up to our house and saw the view, we knew we weren't going to mess around, it was a steal (didn't matter if the existing house had to be knocked down, which it didn't, but it was that good of a deal)...
We gave them asking price... Of course the next person offered them 20K over asking price, but too late, we got the house.
Teri
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
Posted by Kathy116
We gave them asking price... Of course the next person offered them 20K over asking price, but too late, we got the house.
Just out of curiousity, had you already gone to contract when that other offer came in? If not, they could have technically taken the higher bid right? (still learning here )
Kathy116
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
Yes, they could've taken the higher bid...however, the higher bid was from people who were messing around with them and low-balling them before we offered asking price (these people first offered the sellers 100K BELOW asking price, then 70K below asking price...then we gave them what they wanted, and these idiots tried to outbid us.
From what the sellers told us, the first people insulted them, and they respected us for not playing games.
Of course the realtor tried to get us into a bidding war....we freaked out on the realtor (a real slime bucket) and said absolutely not. I'm not sure if my DH had words with this realtor when I wasn't around...to make a long story short, we got it!
Kathy116
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Re: How Much $$ were you able to neg. the seller to come down from the original asking price when you purchased your home & how did you do it?
We had not gone to contract until after the other bid, so yes, if the sellers wanted to, they could've accepted the other offer...then we would've been dead, because my DH WOULDN'T HAVE been involved in a bidding war.
I was hysterical crying all weekend, I wanted our house so bad.
